A Silicon Valley fintech group which last year secured a valuation of $2.65bn has expanded to the UK as it seeks to capitalise on Britain’s push to open up banking.

Plaid, which is backed by high profile investors including Mary Meeker and Andreessen Horowitz, provides the technology for other financial technology companies to link to customers’ bank accounts. In the US, its technology is integrated with 15,00 banks and links to popular apps such as Venmo and Coinbase.Plaid said it had already launched with two customers, including the money-management app Emma, and that it supported integration with eight of the UK’s biggest banks and challenger banks.

The company’s move comes just over a year after the launch of open banking in the UK, a government backed initiative to try to improve the products on offer to consumers by forcing banks to share data on their current account holders.

While open banking has retained a low profile outside the industry, it has been shaking up the retail banking market by encouraging new apps from challenger banks and fintech firms that help customers manage their finances more easily.Chief executive Zach Perret said the company had “long admired” the innovation in the UK fintech sector.

“The commitment to enabling consumers to live fully digital financial lives is palpable and the progress impressive,” he said.“We’re excited to launch in the UK to both deliver on the promise of Open Banking and help drive velocity for the applications that are making money easier for everyone.”